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| Identifier: | 04MADRID3059 |
|---|---|
| Wikileaks: | View 04MADRID3059 at Wikileaks.org |
| Origin: | Embassy Madrid |
| Created: | 2004-08-10 16:51:00 |
| Classification: | UNCLASSIFIED |
| Tags: | ECON EFIN EINV ABLD SP |
| Redacted: | This cable was not redacted by Wikileaks. |
This record is a partial extract of the original cable. The full text of the original cable is not available.
UNCLAS MADRID 003059 SIPDIS TREASURY PASS TRACI PHILLIPS E.O. 12958: N/A TAGS: ECON, EFIN, EINV, ABLD, SP SUBJECT: SPANISH HOUSING PRICES CONTINUE TO SOAR REF: MADRID 604 1. Housing prices continue to rise in the Spanish real estate market. According to Tinsa (Spanish society of home appraisers) the price of used housing was 16% higher and new dwellings 19% higher midway through the second trimester of 2004 than the same period of 2003. These numbers indicate that the 2004 housing market is maintaining a similar pace to 2003, when the average price of housing rose almost 17% (reftel). 2. Madrid is Spain's most expensive housing market, with an average square meter price of EUR 3,063 (USD 3,767 per square meter or USD 350.09 per square foot). The housing market in Barcelona is Spain's second hottest with a price level of EUR 2,658 (USD 3,269 per square meter or USD 303.81 per square foot). 3. The soaring housing market is one of the key engines of Spanish economic growth. According to a speech given by the Minister of Public Works, Magdalena Alvarez, at the 48th assembly of SEOPAN (an association of Spain's largest construction companies), the construction industry provided 17.7% of Spain's 2003 GDP, an increase of 3.9% over 2002, compared to an overall GDP growth of 2.4% for 2003. New construction of homes accounted for 22.8% of total construction, while renovation and maintenance of existing buildings (including housing) contributed 17.3%. MANZANARES
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